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The Andhra Pradesh High Court held that GST ( Goods and Services Tax ) proceedings that do not have the Document Identification Number (DIN) are legally not valid. The bench of Justice Kiranmayee Mandava and Justice Nyapathy Vijay of the Andhra Pradesh High Court discovered that the impugned proceedings do not hold DIN. The court […]
In organizational management, audits act as an indispensable tool to increase efficiency, ensure compliance, and drive overall effectiveness. The audit type comprises mainly systems audit and process audit. Each furnishes distinct objectives, and understanding their comparative nuances is important for companies who are asking to optimize their performance and reduce their risks. Quick to Understand […]
The Madras High Court in a ruling held that the Advance tax unutilized under the Value Added Tax (VAT) or Tamil Nadu VAT (TNVAT) has been permitted to be transitioned under Section 140 of the Tamil Nadu Goods and Services Tax Act, 2017 (TNGST). A Single bench of Justice C. Saravanan, the language of Section […]
FM Nirmala Sitharaman dismissed the fact that increasing goods and services tax (GST) collections only provides an advantage before the Centre. She elaborated that the indirect tax system increases the revenue of the state by nearly Rs 9 trillion between 2018-19 and 2022-23 compared to the amounts that have been collected via the before subsumed […]
Common norms are drawn by the Central Board of Indirect Taxes and Customs (CBIC) towards central and state level Goods and Services Tax (GST) officials to audit banks, CBIC chairperson Sanjay Kumar Agarwal stated field officers. The same action provides better assurance about audit procedures to banks since officials would have a common audit plan […]
Duplication Found in Turnover Reconciliation and GSTR 3B and Form 26AS: Madras HC sets aside GST Demand Order on Pre-deposit Condition The Petitioner, Vadim Infrastructure Private Limited, is in engineering and construction services, contested the assessment order on 31.12.2023 and is assailed on the grounds of violation of principles of natural justice. The major observations […]
GST council is speeding up to reexamine the exempting reinsurance business from GST. The same review is slated to emerge after the general elections spanning from April 19 to June 1, 2024, aimed at electing the 543 members of the lower house of Parliament, as per the report. The Council may furnish a clarification stressing […]
Audits of businesses under the indirect tax regime from this financial year are jointly conducted by Central and state goods and services tax (GST) officials, a relief for taxpayers since it will remove duplicate notices and dual investigations. According to industry assessments, there are approximately 11,000 such cases of dual investigation by both the central […]
The Hon’ble Telangana High Court in the case of Rays Power Infra Pvt. Ltd. v. Superintendent of Central Tax [Writ Petition 298 of 2024 on February 28, 2024], ruled that if the assessee clears all the tax obligations including ah interest at any day, before the issuance of show cause notice, they shall not be […]
